U.S. markets closed
  • S&P 500

    3,640.47
    -78.57 (-2.11%)
     
  • Dow 30

    29,225.61
    -458.13 (-1.54%)
     
  • Nasdaq

    10,737.51
    -314.13 (-2.84%)
     
  • Russell 2000

    1,674.93
    -40.31 (-2.35%)
     
  • Crude Oil

    81.61
    -0.54 (-0.66%)
     
  • Gold

    1,668.80
    -1.20 (-0.07%)
     
  • Silver

    18.80
    -0.08 (-0.45%)
     
  • EUR/USD

    0.9822
    +0.0083 (+0.85%)
     
  • 10-Yr Bond

    3.7470
    +0.0420 (+1.13%)
     
  • GBP/USD

    1.1120
    +0.0234 (+2.15%)
     
  • USD/JPY

    144.4700
    +0.3480 (+0.24%)
     
  • BTC-USD

    19,469.40
    -176.97 (-0.90%)
     
  • CMC Crypto 200

    444.40
    -1.58 (-0.35%)
     
  • FTSE 100

    6,881.59
    -123.80 (-1.77%)
     
  • Nikkei 225

    26,422.05
    +248.07 (+0.95%)
     

UPDATE 1-W&T Offshore to refinance debt, pursue new Gulf of Mexico deals -CEO

·1 min read

(Adds details, background)

Sept 7 (Reuters) - Oil and gas producer W&T Offshore aims to refinance notes due in late 2023 using some of the proceeds from closing profitable hedges, Chief Executive Tracy Krohn said on Wednesday.

The company also plans to pursue new properties in the U.S. Gulf of Mexico where it has operated for 40 years as its trims debt and builds cash reserves, Krohn said at the Barclays CEO Energy-Power Conference.

W&T Offshore historically has acquired assets in the Gulf of Mexico, expanded their production and used the cash flow to pay down debt and finance further acqusitions.

On the company's returns, Kohn said he is leaning toward dividends over share buybacks, noting the sizeable stake held by management.

(Reporting by Gary McWilliams, editing by Deepa Babington)